Surpassing the US, China buys the most shrimp, crab, and fish from Vietnam

Spending up to 1.7 billion USD to buy shrimp, crab, fish... China has surpassed the US to become the largest importer of seafood from Vietnam in the first 11 months of this year.

Workers processing seafood for export - Photo: C.QUOC

On November 29, the Vietnam Association of Seafood Exporters and Producers (VASEP) said that seafood export turnover in November is estimated at 924 million USD, up 17% over the same period in 2023.

In the first 11 months of the year, Vietnam's total seafood export turnover reached nearly 9.2 billion USD, up 11.5% over the previous year.

China prefers to eat fresh seafood from Vietnam

According to Vasep, shrimp exports maintained impressive growth momentum, reaching 3.55 billion USD after 11 months, up 14% over the same period last year. It is forecasted that this year the shrimp industry will reach the 4 billion USD mark.

Other products such as pangasius and tuna also recorded positive growth. Pangasius reached 1.84 billion USD in the first 11 months of the year, and is forecast to reach 2 billion USD for the whole year.

For tuna, although growth slowed down, it still increased by 8% compared to the same period last year and the whole year could earn 1 billion USD - equivalent to the record in 2022.

In addition, some products such as crabs, shellfish and squid also recorded high growth, of which shellfish had an impressive growth rate of up to 180%.

Not only the main products, Vietnam's seafood export industry also strongly develops by-products such as fish meal.

Fishmeal exports reached 220 million USD in the first 10 months of the year and are forecast to reach 264 million USD for the whole year, with the Chinese market accounting for nearly 90% of fishmeal export turnover.

Regarding export markets, China has taken the lead in Vietnam's seafood import markets, with a growth rate of 61% in November, bringing the total accumulated turnover to more than 1.7 billion USD, up 19% over the same period last year.

This year, China has been "preferring" to eat fresh seafood products such as crabs, clams and live shrimp from Vietnam, which has also contributed to boosting exports in recent times.

Positive growth from the US market

The US market also recorded positive growth of 21% in November, reaching 1.67 billion USD after 11 months. Exports to this market are forecast to continue to be positive in the last month of this year.

For the Japanese, EU and Korean markets, although there was no major breakthrough in November, they still contributed significantly to the total seafood export turnover.

Ms. Le Hang, communications director of Vasep, commented that with the current growth rate, Vietnam's seafood industry can reach 10 billion USD in exports, an increase of 11.5% compared to 2023.

Shrimp and pangasius will continue to be the two main pillars contributing to this success, with shrimp forecast to reach 4 billion USD and pangasius possibly reaching 2 billion USD.

"Overall, 2024 is a promising year for Vietnam's seafood industry, as exports continue to achieve impressive results, not only in value but also in diversity and stability of export markets and products," Ms. Le Hang assessed.

Regarding the outlook for 2025, Vasep forecasts that seafood exports will continue to maintain growth momentum. However, the industry may face new challenges, especially the new US tax policy on Chinese goods.

This could lead to a surge in imports in the last months of 2024, creating opportunities for Vietnamese seafood businesses, but also requiring careful preparation to deal with risks such as increased freight rates.

Source: https://tuoitre.vn/vuot-my-trung-quoc-mua-tom-cua-ca-tu-viet-nam-nhieu-nhat-20241129174347882.htm